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Market Specialist - Credit Risk Management

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of Minneapolis

Boston, MA, USA
Posted on Tuesday, August 15, 2023

Company

Federal Reserve Bank of BostonAs an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.

This job is eligible for a hybrid schedule with some on-site work expected. The individual is excepted to reside in the 1st District unless you were given an exception.

Market Specialist – Credit Risk Management

The Credit Risk Management (CRM) Unit of the Supervision, Regulation, and Credit Department of the Federal Reserve Bank of Boston (FRBB) has an opening for a Market Specialist. The CRM Unit contributes to FRBB’s mission to promote sound growth and financial stability in New England and the nation by effectively serving as a source of liquidity to depository institutions (DIs) by routinely extending overnight credit to qualifying DIs through the Discount Window, providing emergency credit to the financial system during times of market stress, and administering the Board of Governors’ Payment System Risk policy governing the use of intraday credit. Our lending activities assist the Board and the Federal Reserve Open Market Committee in implementing monetary policy.

The CRM Unit manages the credit risk posed by intraday and overnight credit exposure by (i) monitoring the condition of DIs, taking actions to mitigate the risk posed by those that pose heightened risk to the Reserve Bank and/or the financial industry, and coordinating DI failures; and (ii) ensuring that all extensions of credit are secured to the satisfaction of the Reserve Bank by making ongoing determinations as to the acceptability and valuation/margining of collateral pledged by DIs. Additionally, we actively contribute to System and local policy initiatives, with a focus on payment systems.

The Market Specialist in this position will use sound reason in developing conclusions and recommendations on complex analyses and compliance work in support of CRM strategic initiatives, including initiatives related to expanded payments (e.g., FedNow), Reserve Bank counterparty credit risk management, lending activities, and/or determining adherence to regulatory/policy standards, identifying and advising management on lending and collateral policy issues.

Principal Accountabilities:

  • Perform a wide array of analyses that involve independently synthesizing multiple sources of information to assess legal, financial/safety and soundness, systemic, and reputational risks; produce informative, well-supported and persuasive analyses and effectively communicate outcomes to Reserve Bank and System senior leaders.
  • Analyze relevant facts and events driving more complex problems, recognizing trends/cause-effect relationships and symptoms that may indicate more significant problems or issues, and identify underlying issues or problems.
  • Identify existing and emerging issues and trends in external market factors, assess the potential impact on various dimensions of credit risk, applying an integrated risk management approach, and effectively communicate issues, trends, and associated risks considering the related impact on current policy.
  • Develop/maintain a highly advanced understanding of CRM policies, processes, and procedures, as well as the relevant credit, liquidity and legal risk issues, and brief others on related developments in the banking industry.
  • Analyze legal issues, particularly those related to lending agreements and the perfection of security interests in pledged loans and securities under the Uniform Commercial Code, consulting in-house legal counsel as necessary.
  • Manage projects effectively where guidance is unclear, adjusting quickly to new and different priorities, including adjusting and realigning scope, assignments, deliverables, and deadlines.
  • Effectively interact with internal and System-level colleagues, Reserve Bank management and external contacts, including senior management of banking institutions.
  • Be a team or System resource by leading or participating on high-level projects, workgroups and strategic initiatives.
  • Maintain current awareness of regulations, market structure and products, and ongoing trends and developments in the broader financial services industry.
  • Influence others and motivate positive change; advocate for needed solutions covering highly complex matters within area of focus with peer in other units, other departments, other Reserve Banks, and at the Board and to ensure Boston's needs are represented; effective in influencing financial institutions on regulatory and/or risk matters.

MINIMUM QUALIFICATIONS AND ANY SPECIAL REQUIREMENTS

Knowledge and Experience

  • Knowledge and experience normally acquired through, or equivalent to, the completion of a Master's degree in Finance, Economics or a related discipline and/or a Juris Doctor degree, and 7 years of job-related experience evaluating financial institutions’ financial condition, including extensive knowledge of financial statements and ratio analysis. Financial institution supervisory or legal experience or knowledge of payment systems a plus.

Key Competencies

  • Very strong critical thinking traits, including analytical, problem solving, and decision-making capabilities when guidance is unclear.
  • Demonstrated oral and written communications skills, including ability to develop tailored, concise, and effective oral and written correspondence for both internal and external audiences.
  • Ability to effectively multi-task, prioritize, and meet competing deadlines, and strong attention to detail.
  • Strong team orientation.
  • Awareness of policies, practices, trends, and technologies affecting the banking industry generally, and understanding of the implications of changing business and market conditions.
  • Thinking outside of the box to develop creative solutions to emerging problems.

The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.


This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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